Intraday analysis of Softs

Intraday price analysis for chosen Softs for Monday Apr 15, 2019

1.Sugar # 11 [SB] Expiration May19.

The bullish story intraday:We have initial resistance today at 12.78 and finding buyers at this level will have us tag 12.82 and 12.89 in quick succession.

The bearish story intraday:If we fail to take out this initial resistance, expect us to find decent support intraday at 12.70, failing which we have 12.66 and below there, 12.59 should hold prices for this low volume Monday.

2.Coffee 'C' [KC] ExpirationJul19.

The bullish story intraday:Coffee is finding some buying here in the early session and we have sailed nicely above initial resistance of 93.17 so 93.54 looks entirely possible. Above that is good resistance at 94.17.

The bearish story intraday:If secondary resistance holds in the 93.54 area, sellers could push this right between initial resistance and support levels which sit between 93.17 and 92.43 respectively. Below there, is some support at 92.06 and failing that could see sellers finding a wall of support at 91.43 which should halt any further losses for the day.

3.Cotton # 2 [CT]Expiration May19.

The bullish story intraday:Cotton too, has sailed above initial resistance here today which is at 78.23. Continued buying could see us finding resistance at 78.44 and above there is good resistance all the way up into 78.80.

The bearish story intraday:Pushing back lower from secondary resistance will find support at 78.23, and below there is good support intraday at 77.79. If we cannot hold that, we will find support levels at 77.58 and 77.22 respectively to make it a gloriously range bound day, with prices remaining between the 77~78 price handles.

4.Cocoa [CC] ExpirationJul19.

The bullish story intraday:Recognize that we are covering July expiration for Cocoa. There is initial resistance at 2417. Above here we could see us finding some sellers at 2424 and if buyers push, we should halt our gains at 2437.

The bearish story intraday:Initial support is 2401. We should hold this today but if we dont and sellers make a showing, expect 2394 and 2381 in quick succession and the losses to hold those levels for the intraday.

5.Orange Juice [OJ] Expiration May19.

The bullish story intraday:Appears to be finding resistance at 107.02 but if we overcome this we will go to 107.70 and above there will likely hold gains for the intraday at 108.82.

The bearish story intraday:Inability to hold 107.72 will have us seeking out 105.68 which should hold losses for the intraday. If we do not hold that and sellers make a showing today, expect 105 even followed by 103.88 below which we will setup a bearish candle for the medium term timeframe.

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